FINDLAY, Ohio (June 19, 2002) Cooper Tire & Rubber Co. will increase prices on its medium truck tires by five percent effective July 1, according to a company spokeswoman.
Reasons cited for the increase include higher raw material costs, transportation costs and a slow economic recovery, the firm said. Medium truck is the only Cooper tire line that will experience the increase, the Findlay-based company said.
Kumho Tire USA also announced plans to raise prices on its line of medium truck tires by three percent, effective July 1.
“Like other tire companies, we have experienced increased costs for raw materials, transportation, distribution and other manufacturing costs,” said David Hudrlik, vice president and director of sales, in a prepared statement.
Bridgestone/Firestone, Michelin North America Inc., Goodyear, Hankook Tire America Corp. and Yokohama Tire Corp. said they had no tire price increases to announce at this time. "But our commercial division is always watching the industry to see what other companies are doing," a BFS spokeswoman said.
Jack Kim, COO of Hankook Tire America Corp., said the tire manufacturer follows the market and that if the market hikes prices, then Hankook also will do the same.